Passenger Vehicle

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• M&M not to ignore ICEs for EVs; will look at hybrid tech closely

  Auto major Mahindra & Mahindra says ICEs will continue to be an important part of its portfolio. For the next 3 years, the company has deployed INR 27,000 crore, including INR 14,000 crore for ICEs and INR 12,000 crore for EVs. The development comes even as the automaker has been working on its born-electric Inglo platform and is targeting a market launch for its BEV portfolio during January- March 2025 period. Interestingly, Mahindra also said that while at this point in time, it feel good about the focus on EVs but the automaker is ready for hybrids too. "We are looking at hybrid technology closely."

  

• UK finance institution to invest INR 1,925cr in M&M E4W project

  The investment by British International Investment will be in the form of compulsory convertible instruments at a valuation of up to INR 70,070 crore, resulting in 2.75% to 4.76% ownership for BII in the EV Co. The EV Co. will focus on four-wheel (4W) passenger electric vehicles, the company said.

  

• M&M to invest INR 12,000 crore in MEAL over next 3 years to boost EV strategy

  The investment will be done for the next three years to accelerate the growth of 4 (Four) wheel passenger EV business and to achieve growth capital to fund the said business. “MEAL will significantly leverage the manufacturing capabilities and product development of the Company as also the ecosystem of suppliers, dealers and financiers of the company,” stated its exchange filing.

  

• Volkswagen reaches USD 54 mn 'dieselgate' settlement with Italian owners

  The scandal rocked the automotive industry in 2015 when it emerged that vehicles had been fitted with illegal software to cheat environmental emissions tests. It has cost the German carmaker more than 32 billion euros (USD 34.8 billion)in fines, refits and legal costs.

  

• BMW X3 xDrive20d M Sport Shadow Edition launched in India at INR 74,90,000

  This special edition of the successful SAV, BMW X3, is available in the diesel variant at all BMW India dealerships and BMW Online shop.

  

• Honda to double investment in electric vehicles to USD 65 bn by 2030

  "Honda is planning to invest approximately 10 trillion yen in resources... through 2030, when the period of full-fledged popularisation of EVs is expected to start," a statement said.

  

• Few Chinese electric cars are sold in U.S., but industry fears a flood

  American automakers expressed their approval of the Biden administration's decision on Tuesday to levy a 100% tariff on electric vehicles imported from China. They stated that these vehicles could undercut billions of dollars of investments made in electric vehicle and battery manufacturing facilities in the United States.

  

• China's Nio launches Onvo brand to challenge Tesla's best-selling model

  With a lower price tag, the Onvo brand could also help Nio expand outside China, although branching out into Europe is overshadowed by an ongoing anti-subsidy probe the EU has launched into EV imports from China. The Onvo L60 is equipped with Nio's self-developed 900-volt fast-charging system and has an average energy consumption of 12.1 kilowatt-hours (kwh) per 100 kilometers, slightly lower than Tesla's Model Y, said Ai Tiecheng, president of the Onvo brand.

  

• Tesla plans to cut 601 more jobs in California, notice to government says

  Tesla in San Francisco, led by CEO Elon Musk, is planning to lay off 601 more employees in California at its facilities in Palo Alto and Fremont. This decision comes as the company implements job cuts and faces increasing price competition. Musk announced a global workforce reduction of over 10% by late 2023.

  

• Killing me Swift-ly!

  To price itself close to INR .10.00 lakhs is simply preposterous. This is a vehicle supposed to cater to the younger Indian, not necessarily the rich one. This is not the Baleno or the Fronx. This is the rebellious, opinionated, confident young Indian into his / her first job, cocking a snook at those who take safer decisions in life. Pricey? Profiteering? Again something the gen-Z does not take too kindly.

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• While Chinese EVs get tariff shock in US, Leapmotor prepares for India entry

  With the US increasing import tariffs on Chinese electric vehicles four-fold to 100%, the market is pretty much out of bounds for them. Meanwhile, Leapmotor of China has announced its India plans, though concrete details still have not emerged. There is no love lost between the two countries but it does look as if there is some relaxation of controls now. Are India and China going to bury the hatchet sometime in the near future?

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